Industry
A B.C. man who deliberately set fire to his car in order to collect on his insurance policy has been ordered to repay firefighters for a portion of the costs incurred. The Maple Ridge, B.C. resident, Thomas James Fergusson, pleaded guilty in court to lying to ICBC. He had reported his car stolen on Mar. […]
By Canadian Underwriter | March 18, 2009
2 min read
Although a vast majority of global corporations surveyed by Marsh have a formal enterprise risk management (ERM) program, only a small minority of these organizations actually communicate their ERM initiatives to shareholders.Marsh’s Risk Consulting Practice teamed up with GovernanceMetrics International to survey 149 large public companies around the world to find out how they are […]
Kingsway Financial Services Inc. will no longer be included on Canada’s benchmark stock index as of Mar. 23, 2009.Standard & Poor’s Corp. made the announcement following a quarterly review of its Canadian index. Kingsway’s TSX share value stood at $26.75 in 2006. The value dropped to $10.92 as of Mar. 18, 2008. One year later, […]
More than half (55%) of the 141 insurance companies reporting 2008 year-end data to MSA Research posted an underwriting income loss for the year.Sixty-eight of the 141 companies reported a combined ratio of 100% or more.MSA Research has posted a summary of the 2008 year-end results on its Web site. The summary represents 93% of […]
By Canadian Underwriter | March 17, 2009
Federally regulated Canadian and foreign property and casualty companies took a beating last year in auto lines, particularly in the personal accident category, according to 2008 figures posted by the Office of the Superintendent of Financial Institutions (OSFI).OSFI figures show that in the auto personal accident category, which includes accident benefits, Canadian insurers collectively reported […]
1 min read
A person involved in a motor vehicle accident in Ontario who is not a resident of Ontario cannot claim statutory accident benefits from the Motor Vehicle Accident Claims Fund (MVAC), a decision by the Financial Services Commission of Ontario (FSCO) confirmed. Oksana Schevchuk was injured in a motor vehicle accident on Oct. 20, 2004 in […]
A group of 19 U.S. property and casualty reinsurers reported a total combined ratio (COR) of 101.8% in 2008, deteriorating from the 94.7% COR reported in 2007.The RAA attributes the result to a 71% loss ratio and an expense ratio of 30.7%, a release says.The group of 19 reinsurers posted a total net underwriting loss […]
By Canadian Underwriter | March 16, 2009
Canadian insurers are re-engineering their actuarial departments to improve performance while at the same time dealing with current regulatory challenges and increased accounting requirements, PricewaterhouseCoopers says.In its report, Adapting to a New Economic Reality, PwC notes that insurers are undertaking initiatives that focus on reducing complexity (in processes, controls, valuation models and spreadsheets) and increasing […]
A recent England and Wales High Court (Queen’s Bench Division) says insurers are on the hook to provide coverage when an insured deliberately causes damage to his or her property, so long as the insured meets the legal definition of insanity at the time the damage was done.The English case, Porter v. Zurich Insurance Company, […]
The Certified Restoration Drycleaning Network (CRDN) is challenging insurance companies to dig into their closets and donate professional attire to help economically disadvantaged Canadians dress for success. The clothing drive, held Apr. 20 to May 1, supports Dress Your Best, a non-profit registered charity that contributes to the relief of poverty around the Greater Toronto […]
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